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CU System

Uzbekistan CU assets up 37 members up 25

TASHKENT, Uzbekistan (7/27/09)--Credit unions in Uzbekistan are continuing to experience growth in assets, credit portfolios and membership. The credit union system there served 125,000 members as of July 1--a 25% increase since the beginning of the year (BVV Business Report July 21). Aggregate assets of the nation’s credit unions for the first half 2009 increased by 37%. The main source for the formation of credit union resources still remains members’ deposits, the report said. Assistance for the development of credit unions is offered by the Financial Sector Development Agency under the Central Bank of the Republic of Uzbekistan, which runs a project on development of microfinancing with the Asian Development Bank. With six-year funding from the U.S. Agency for International Development, the World Council of Credit Unions (WOCCU) is working with credit unions in Uzbekistan to strengthen financial management and build a sustainable national association capable of providing a deposit insurance fund and other second-tier services for credit unions. The first credit union was licensed by the Central Bank of Uzbekistan in September 2002, WOCCU said.